In the first quarter of 2018, economic growth in the euro area slowed, and industrial production in March grew less than expected. This is reported by the Statistical Office of the European Union (Eurostat).

The economy of 19 countries of the eurozone in the I quarter of 2018 increased by 0.4% compared to the previous quarter, according to revised data from Eurostat. The growth was fixed for the 20th quarter in a row.

The GDP growth relative to January-March 2017 was 2.5%.

The dynamics of both indicators coincided with preliminary data and consensus forecast of analysts.

In the fourth quarter of 2017, the euro area's GDP increased by 0.7% in quarterly terms and by 2.8% in the year-on-year.

The economy of the 28 EU countries in the I quarter increased by 0.4% compared to the previous quarter and by 2.4% in annual terms. In October-December, growth was 0.6% and 2.7%, respectively.

Germany's GDP growth in quarterly terms slowed from 0.6% in the fourth quarter to 0.3% in the first quarter. The growth of French GDP has slowed from 0.7% to 0.3%.

Spain's GDP in January-March increased by 0.7% after a similar growth in October-December. The growth rate of Italy's GDP remained at the level of 0.3%.

The volume of industrial production in 19 eurozone countries increased by 0.5% in March compared to the previous month, Eurostat data showed. The growth of industrial production in annual terms was 3%.

Interviewed Reuters analysts on average predicted an increase in industrial production by 0.7% in monthly terms and by 3.7% in annual terms.

According to revised data in February, industrial production in the euro area decreased by 0.9% compared to the previous month, and not by 0.8%, as previously reported. The estimation of industrial production growth in annual terms has been revised from 2.9% to 2.6%.

The volume of industrial production in 28 EU countries in March increased by 0.4% compared to the previous month and by 3% in annual terms.

Industrial production in Germany in March increased by 1.1% compared to the previous month and by 3.9% in annual terms.

In France, there was a decrease in industrial production by 0.4% in monthly terms and an increase of 2% in annual terms.

Earlier, the chief economist of the European Central Bank, Peter Prat, expressed confidence in the economic recovery of the eurozone, despite disappointing economic data.

"So far, there is no evidence that moderation in the rate of economic growth reflects a long-term weakening of demand," explained Prat, a member of the ECB's executive board, speaking in Geneva on Monday. "The latest information continues to be consistent with the steady and broad growth in domestic demand."